OPNET Technologies, Inc. (Nasdaq:OPNT), the leading provider of
solutions for application and network performance management, today
announced that revenue for the first fiscal quarter, ended June 30,
2012, was $44.0 million, compared to $40.2 million for the same
quarter in the prior fiscal year. Diluted earnings per share for
the first quarter of fiscal 2013 were $0.16, compared to $0.18 for
the same quarter in the prior fiscal year. The Company also
announced today a quarterly dividend of $0.15 per share, which
represents one quarter of the Company's fiscal 2013 annual dividend
target of $0.60, payable on September 26, 2012 to stockholders of
record as of the close of business on September 12, 2012.
Marc A. Cohen, OPNET's Chairman and CEO, stated, "We are very
pleased to report strong financial performance for the first
quarter of fiscal 2013. A year-over-year increase in product
bookings of 19.2% drove our financial performance. Strong product
bookings also allowed us to end the quarter with deferred revenue
of $53.2 million representing a 23.9% increase over the same
quarter last fiscal year."
Mr. Cohen continued, "Our core APM business accounted for 73% of
our total product bookings during the quarter, and increased 50%
over the same quarter last year. We believe that our growth in APM
bookings is being driven both by superior analytics and by our
end-to-end solutions that span applications, systems and networks.
We believe the acquisition we completed during the quarter of
Clarus Systems, Inc., a provider of Unified Communications
management capabilities, further enhances our ability to grow
product bookings and expand share in the large APM market."
The Company's first quarter fiscal 2013 financial results are
presented below. The non-GAAP results exclude the income statement
effects of stock-based compensation and acquisition-related
amortization of intangible assets. A reconciliation of non-GAAP
results to GAAP results has been provided in the financial
statement table following the text of the press release. For
further information, please refer to the section of this press
release titled "Use of Non-GAAP Measures."
GAAP Financial Highlights for the First Quarter of
Fiscal 2013:
- Total revenue increased year-over-year 9.4% to $44.0 million
from $40.2 million for the same quarter of fiscal 2012. Total
revenue for the quarter decreased sequentially 1.2% from $44.6
million for the fourth quarter of fiscal 2012.
- Product revenue increased year-over-year by 3.6% to $20.1
million from $19.4 million for the same quarter of fiscal 2012.
Product revenue for the quarter decreased sequentially 5.8% from
$21.4 million for the fourth quarter of fiscal 2012.
- Deferred revenue increased year-over-year by 23.9% to $53.2
million from $42.9 million at the end of the same quarter of fiscal
2012. Deferred revenue for the quarter decreased sequentially 3.0%
from $54.9 million at the end of the fourth quarter of fiscal
2012.
- Gross margin decreased year-over-year to 77.8% from 79.3% for
the same quarter of fiscal 2012. Gross margin increased
sequentially from 76.8% in the fourth quarter of fiscal 2012.
- Operating margin decreased year-over-year to 14.1% from 15.6%
for the same quarter of fiscal 2012. Operating margin increased
sequentially from 13.6% in the fourth quarter of fiscal 2012.
- Diluted net income per common share decreased year-over-year to
$0.16 from $0.18 for the same quarter of fiscal 2012. Diluted net
income per common share decreased sequentially from $0.18 in the
fourth quarter of fiscal 2012.
Non-GAAP Financial Highlights for the First Quarter of
Fiscal 2013:
- Non-GAAP gross margin decreased year-over-year to 79.3% from
80.7% for the same quarter of fiscal 2012. Non-GAAP gross margin
increased sequentially from 78.1% in the fourth quarter of fiscal
2012.
- Non-GAAP operating margin decreased year-over-year to 17.8%
from 18.4% for the same quarter of fiscal 2012. Non-GAAP operating
margin increased sequentially from 16.8% in the fourth quarter of
fiscal 2012.
- Non-GAAP diluted net income per common share was $0.21 for the
first quarter of fiscal 2013, which is the same as the first and
fourth quarters of fiscal 2012.
Second Quarter Fiscal Year 2013 Financial
Outlook
OPNET currently expects fiscal 2013 second quarter GAAP revenue
to be between $46 million and $50 million, and GAAP diluted net
income per common share to be between $0.14 and $0.23 and non-GAAP
diluted net income per common share to be between $0.20 and $0.29.
The non-GAAP diluted net income per common share expectation for
the second quarter excludes approximately $1,249,000 of expense
associated with stock-based compensation expense, amortization of
acquired intangible assets, and the related impact of these
adjustments on the provision for income taxes. These estimates
represent management's current expectations about the Company's
future financial performance, based on information available at
this time.
OPNET will hold an investor conference call on Tuesday, August
7, 2012 at 5:00 p.m. Eastern Time to review financial results for
the first quarter of fiscal 2013.
To listen to the OPNET investor conference call:
- Call 877-377-7550 in the U.S. or 408-337-0151 for international
callers, or
- Use the webcast at www.opnet.com/news. Investors are advised to
go to the web site at least 15 minutes early to register, download,
and install any necessary audio software.
To listen to the archived call:
- Call the replay phone number at 855-859-2056 or 404-537-3406
for international callers. For replay, enter passcode # 98981660.
The replay will be available from 9:00 pm Eastern Time August 7,
2012 through 11:59 pm Eastern Time August 14, 2012.
- The webcast will be available at www.opnet.com/news. The
webcast will be archived for seven days.
Use of Non-GAAP Measures
OPNET uses a variety of financial measures that are not in
accordance with generally accepted accounting principles, or GAAP,
as supplemental measures to GAAP to evaluate its operational
performance. These financial measures, which include non-GAAP gross
profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP
operating margin, non-GAAP net income and non-GAAP diluted net
income per common share, exclude the impact of certain items and,
therefore, have not been calculated in accordance with GAAP. A
detailed explanation of each of the adjustments to such financial
measures is described below. A reconciliation of each of these
non-GAAP financial measures to its most comparable GAAP financial
measure is also included below. Non-GAAP gross margin is
non-GAAP gross profit expressed as a percentage of GAAP total
revenue. Non-GAAP operating margin is non-GAAP operating
income expressed as a percentage of GAAP total revenue.
Management uses non-GAAP financial measures (a) to evaluate
OPNET's historical and prospective financial performance as well as
its performance relative to its competitors, and (b) to measure
operational profitability and the accuracy of forecasting. In
addition, many financial analysts who follow OPNET focus on and
publish both historical results and future projections based on
non-GAAP financial measures. OPNET believes that it is in the best
interest of its investors to provide this information to analysts
so that they accurately report the non-GAAP financial information.
Moreover, investors have historically requested these non-GAAP
financial measures as a means of providing consistent and
comparable information with past reports of financial results.
While management believes that these non-GAAP financial measures
provide useful supplemental information to investors, there are
limitations associated with the use of these non-GAAP financial
measures. These non-GAAP financial measures are not prepared in
accordance with GAAP, are not reported by all of OPNET's
competitors and may not be directly comparable to similarly titled
measures of OPNET's competitors due to potential differences in the
exact method of calculation. OPNET compensates for these
limitations by using these non-GAAP financial measures only as
supplements to GAAP financial measures and by providing the
reconciliations of the non-GAAP financial measures to their most
comparable GAAP financial measures.
The adjustments we use to derive these non-GAAP financial
measures, and the basis for such adjustments, are outlined
below:
Amortization of intangibles and its related tax impact. OPNET
incurs amortization of intangibles related to various acquisitions
it has made in recent years. This amortization is included in the
following line items of its GAAP presentation:
- cost of revenue -- amortization of acquired technology and
customer relationships
- operating expenses -- research and development
Management excludes these expenses and their related tax impact
for the purpose of calculating non-GAAP gross profit, non-GAAP
gross margin, non-GAAP operating income, non-GAAP operating
margin, non-GAAP net income and non-GAAP diluted net income per
common share when it evaluates the continuing operational
performance of OPNET because these costs are fixed at the time of
an acquisition, are then amortized over a period of three to five
years after the acquisition and generally cannot be changed or
influenced by management after the acquisition. Accordingly,
management does not consider these expenses for purposes of
evaluating the performance of OPNET during the applicable time
period after a given acquisition, and it excludes such expenses
when evaluating OPNET's financial performance.
Stock-based compensation expense and its related tax impact.
OPNET incurs expense related to stock-based compensation, which is
included in the following line items of its GAAP presentation:
- cost of revenue -- product updates, technical support and
services
- cost of revenue -- professional services
- operating expenses -- research and development
- operating expenses -- sales and marketing
- operating expenses -- general and administrative
Although stock-based compensation is an expense of OPNET and is
viewed as a form of compensation, management excludes these
expenses for the purpose of calculating non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating income, non-GAAP
operating margin, non-GAAP net income and non-GAAP diluted net
income per common share when it evaluates the continuing
operational performance of OPNET. Specifically, OPNET excludes
stock-based compensation during its quarterly and annual
assessments of OPNET's and management's performance. In evaluating
the performance of senior management, stock-based compensation is
excluded from expenditure and profitability results.
Diluted weighted average common shares
outstanding. Non-GAAP diluted net income per common
share reflects the elimination of amortization of intangibles,
stock-based compensation expense and the related tax impacts, all
as discussed above. In addition, in cases in which the
non-GAAP net income changes from negative to positive when compared
to the GAAP net income, or vice versa, the non-GAAP per-share
calculation also gives effect to an adjustment to the number of
diluted weighted average common shares outstanding reflecting the
application of the treasury method and the fact that shares
previously considered anti-dilutive would now be considered
dilutive, or vice versa.
About OPNET Technologies, Inc.
Founded in 1986, OPNET Technologies, Inc. (Nasdaq:OPNT) is the
leading provider of solutions for application and network
performance management. For more information about OPNET and
its products, visit www.opnet.com.
OPNET, OPNET Technologies, Inc., AppMapper Xpert, AppResponse
Xpert, and AppInternals Xpert are trademarks of OPNET Technologies,
Inc. All other trademarks are the property of their respective
owners.
Statements in this press release that are not purely historical
facts may constitute forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. OPNET
Technologies, Inc. ("OPNET") assumes no obligation to update such
statements. Forward-looking statements, including statements
regarding the impact of enhancements to our APM product portfolio
or our competitive position and statements concerning expected
revenue and diluted net income per common share and Non-GAAP
diluted net income per common share for the second quarter of
fiscal 2013 are predictions based upon information available to
OPNET as of the date of this press release and involve risks and
uncertainties; therefore, actual events or results may differ
materially. Factors that may cause OPNET's actual results, levels
of activity, performance or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by such forward-looking
statements include, among others, those factors listed under the
caption "Risk Factors" in OPNET's Annual Report on Form 10-K for
the fiscal year ended March 31, 2012, as filed with the Securities
and Exchange Commission on June 8, 2012, as updated from time to
time in subsequent SEC filings. The risk factors set forth in the
Company's Form 10-K under the caption "Risk Factors," as updated
from time to time in subsequent SEC filings, are specifically
incorporated by reference into this press release. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Note to editors: The word OPNET is spelled with all upper-case
letters.
|
|
|
OPNET TECHNOLOGIES,
INC. |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(in thousands, except
per share data) |
(unaudited) |
|
Three Months
Ended June 30, |
|
2012 |
2011 |
Revenue: |
|
|
Product |
$ 20,119 |
$ 19,429 |
Product updates, technical
support, and services |
17,051 |
14,692 |
Professional services |
6,861 |
6,126 |
Total revenue |
44,031 |
40,247 |
|
|
|
Cost of revenue: |
|
|
Product |
2,940 |
2,471 |
Product updates, technical
support, and services |
1,644 |
1,447 |
Professional services |
4,574 |
3,866 |
Amortization of acquired
technology and customer relationships |
618 |
539 |
Total cost of revenue |
9,776 |
8,323 |
|
|
|
Gross profit |
34,255 |
31,924 |
|
|
|
Operating expenses: |
|
|
Research and development |
10,360 |
9,242 |
Sales and marketing |
14,222 |
12,599 |
General and administrative |
3,484 |
3,789 |
Total operating expenses |
28,066 |
25,630 |
|
|
|
Income from operations |
6,189 |
6,294 |
Interest and other expense, net |
10 |
(59) |
Income before provision for income taxes |
6,199 |
6,235 |
Provision for income taxes |
2,405 |
2,046 |
Net income |
$ 3,794 |
$ 4,189 |
|
|
|
Basic net income per common share |
$ 0.17 |
$ 0.19 |
Diluted net income per common share |
$ 0.16 |
$ 0.18 |
Basic weighted average common shares
outstanding |
22,436 |
22,090 |
Diluted weighted average common shares
outstanding |
22,781 |
22,637 |
|
|
|
|
OPNET TECHNOLOGIES,
INC. |
RECONCILIATION OF
NON-GAAP RESULTS TO GAAP RESULTS |
(in thousands, except
per share data) |
(unaudited)
|
|
Three Months
Ended June 30, |
|
Three
Months Ended March 31, |
|
2012 |
|
2011 |
|
2012 |
|
|
|
|
|
|
|
|
GAAP gross profit |
$ 34,255 |
|
$ 31,924 |
|
$ 34,236 |
|
Stock-based compensation expense included
in cost of revenue |
43 |
|
26 |
|
37 |
|
Amortization of intangibles included in
cost of revenue |
618 |
|
540 |
|
547 |
|
Non-GAAP gross profit |
$ 34,916 |
|
$ 32,490 |
|
$ 34,820 |
|
|
|
|
|
|
|
|
GAAP income from operations |
$ 6,189 |
|
$ 6,294 |
|
$ 6,063 |
|
Stock-based compensation expense – total
(included in cost of revenue and in operating expenses) |
987 |
|
539 |
|
844 |
|
Amortization of intangibles ---
total (included in cost of revenue and in research and development
expenses) |
643 |
|
565 |
|
573 |
|
Non-GAAP income from operations |
$ 7,819 |
|
$ 7,398 |
|
$ 7,480 |
|
|
|
|
|
|
|
|
GAAP net income |
$ 3,794 |
|
$ 4,189 |
|
$ 4,035 |
|
Stock-based compensation expense ---
total |
987 |
|
539 |
|
844 |
|
Amortization of intangibles ---
total |
643 |
|
565 |
|
573 |
|
Provision for income tax |
(635) |
(1) |
(453) |
(2) |
(553) |
(1) |
Non-GAAP net income |
$ 4,789 |
|
$ 4,840 |
|
$ 4,899 |
|
|
|
|
|
|
|
|
Diluted net income per common share: |
|
|
|
|
|
|
GAAP |
$ 0.16 |
|
$ 0.18 |
|
$ 0.18 |
|
Non-GAAP |
$ 0.21 |
|
$ 0.21 |
|
$ 0.21 |
|
|
|
|
|
|
|
|
Diluted weighted average common shares
outstanding |
|
|
|
|
|
|
GAAP |
22,781 |
|
22,637 |
|
22,741 |
|
Non-GAAP |
22,781 |
|
22,637 |
|
22,741 |
|
(1) Reflects the tax
effect of non-GAAP adjustments above at the statutory rate of 39%
based on projected taxable income. |
|
(2) Reflects the tax
effect of non-GAAP adjustments above at the statutory rate of 41%
based on actual taxable income. |
|
|
|
|
OPNET TECHNOLOGIES,
INC. |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(in thousands,
except per share data) |
(unaudited) |
|
|
|
|
June 30, |
March 31, |
|
2012 |
2012 |
ASSETS |
|
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 62,513 |
$ 72,357 |
Marketable securities |
39,859 |
38,975 |
Accounts receivable, net |
33,461 |
40,787 |
Unbilled accounts receivable |
2,375 |
1,864 |
Inventory |
1,141 |
1,704 |
Deferred income taxes, prepaid expenses
and other current assets |
6,806 |
5,084 |
Total current assets |
146,155 |
160,771 |
|
|
|
Property and equipment, net |
15,885 |
13,936 |
Intangible assets, net |
7,826 |
2,970 |
Goodwill |
22,416 |
15,406 |
Deferred income taxes and other assets |
5,407 |
5,182 |
Total assets |
$ 197,689 |
$ 198,265 |
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
Current liabilities: |
|
|
Accounts payable |
$ 1,239 |
$ 1,175 |
Accrued liabilities |
15,203 |
17,717 |
Other income taxes |
1,507 |
754 |
Deferred rent |
225 |
222 |
Deferred revenue |
46,063 |
47,909 |
Total current
liabilities |
64,237 |
67,777 |
|
|
|
Accrued liabilities |
17 |
9 |
Deferred rent |
2,738 |
2,745 |
Deferred revenue |
7,130 |
6,950 |
Other income taxes |
804 |
790 |
Total liabilities |
74,926 |
78,271 |
|
|
|
Stockholders' equity: |
|
|
Common stock |
31 |
30 |
Additional paid-in capital |
132,143 |
129,439 |
Retained earnings |
14,102 |
13,748 |
Accumulated other comprehensive loss |
(1,184) |
(995) |
Treasury stock, at cost |
(22,329) |
(22,228) |
Total stockholders'
equity |
122,763 |
119,994 |
Total liabilities and
stockholders' equity |
$ 197,689 |
$ 198,265 |
|
|
|
CONTACT: OPNET Media Contact:
Sue Cole
OPNET Technologies, Inc.
(919) 461-2445
Media@opnet.com
www.opnet.com
OPNET Investor Relations:
Mel Wesley
OPNET Technologies, Inc.
(240) 497-3000
ir@opnet.com
www.opnet.com
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